The price of gasoline in Spain has returned to pre-Iran war levels after four consecutive weeks of drops at the pumps. According to the latest data from the European Union Oil Bulletin, gasoline stands at 1.46 euros per liter, its lowest level since February, while diesel falls to 1.538 euros, the lowest record since the first week of March.
The drop comes at the same time that Brent crude oil, a reference in Europe, has returned to around 72 dollars per barrel after the agreement between the United States and Iran and the departure of the first ships from the Strait of Hormuz under the umbrella of the International Maritime Organization (IMO). The progressive reopening of the passage reduces pressure on a key route for global oil and gas, after months of tension that triggered fears of a sustained increase in energy prices.
In the last four weeks, the liter of diesel has accumulated a drop close to 8.7% and gasoline is around a 6.8% reduction. Filling an average 55-liter tank now costs about 80 euros in a gasoline car and about 84.6 euros in a diesel one. The relief is noticeable, although the fiscal calendar is once again putting pressure on the Government.
The Council of Ministers must decide whether to maintain or let fall the measures approved in March to contain the impact of the Iran war, including the reduction of VAT on fuels to 10% and the reduction of the special hydrocarbon tax. If these aids expire on June 30, part of the drop in oil prices may be neutralized at the very beginning of the summer exodus operation.
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